Market Curiosity: Exploring Markets And Systems

June 2, 2013

Quotes and snippets for May 2013

Filed under: Snippets — Jeff Fitzmyers @ 10:00 am

Trading Quotes

“One of the advantages of trading the way I do — being a long-term investor, short-term trader, individual stock selector, market timer, sector analyst — is that I have made so many decisions and mistakes that it has made me wise beyond my years as an investor.” — Michael Steinhardt

“…at the end of the day, the most important thing is how good you are at risk control. Ninety percent of any great trader is going to be the risk control.” — Paul Tudor Jones

[Silver] Again, with the exception of the top that occurred with the failure and liquidation of MFG in early November of 2011, the most consistent indicator of tops and bottoms is The Cartel net short ratio. Anywhere near 1.5:1 is a clear buy signal and anything near 2.3:1 is a sell signal.Turd Ferguson’s Strange Days Indeed

“After the game, the King and the pawn go into the same box.” — Italian proverb

“Anyone who has been involved in the markets knows that you can never be absolutely confident. There is never a trade that you know you are right on. If you approach trading that way, then you will always be looking at where you mght be wrong. You don’t have a false confidence. You value what you don’t know.” — Ray Dalio

“The market is not an accommodating machine. It won’t provide high returns just because you need them.” — Peter Bernstein

Sun Tzu said if you sit by the river long enough, you’ll see the bodies of your enemies float by. The key is “long enough.” If you live long enough, you have to be the survivor… if you look at distressed debt where we started in 1988, I could tell you who our number one competitor was in every year through 1995 and not one is a main competitor today. And it’s not because of what we did; all we did is perform consistently. They crapped out. It sounds simplistic to say, but the first requirement for success is survival…” — Howard Marks

“When the crisis came, the serious limitations of existing economic and financial models immediately became apparent.” — Trichet (ECB governor, 2010) [Debt is unstable. Why do people think that conditions which require a bank to call in a loan would not also be affecting holders of loans?] “Indeed, while in good times the network is seemingly robust, in bad times firms go into distress simultaneously.” [Too much leverage (debt).] — The Network of Global Corporate Control

Other quotes
“The greatest pleasure in life is doing what people say you cannot do.” — Walter Bagehot

Old branding: Title, job description, responsibilities.
New branding: Expertise, describe best days, how value was monitized.

“The wound is the place where the Light enters you.” — Rumi

“Only those who will risk going too far can possibly find out how far one can go.” — T S Elliot

“You’ve never been lost until you’ve been lost at Mach 3.” — Paul F. Crickmore…SR-71test pilot


  • Help at least 1 person per day.
  • When you feel like giving up, ask yourself, “Can I give more?”
  • Respect everyone.
  • Accept exactly where you are, wherever you are.
  • Seek lots of new life experiences.
  • Maintain a diehard knowing of the light in yourself.
  • Walk your own path.
  • Find an opportunity in every outcome, positive or negative.
  • Need less.

“Feedback can be really annoying. — Aftershock

What I find valuable for thriving:
1° Truth – 4 is 4; the story I experience is the story I experience.
2° Abstractions of the truth – until I can countenance a truth, I soften it by abstracting it one level.

What I find valuable for surviving:
3° Beliefs – sometimes action must be made, right now, in a realm I lack truth in, or I get really hurt, and or die. An action/memory/story/etc. that worked in the past is better than none.
4° Lying, stealing, etc. – when life is immediately threatened.

Egos use “fair” to justify what they think they need to survive. From a distant perspective, the equation of life is always balanced, summed in the idea of karma: what goes around, comes around. When only part of the equation is known, it seems unbalanced: “not fair”. Youngsters typically go through a stage of, “Its not fair!”, partly because they are attached to something, yet don’t know the whole story. Elders might see the bigger picture because they have experienced a few cycles of history.

Wealth, in the greater sense, not just “money”, is a manifestation of the degree we allow our real self to express. “Money” is a way of keeping track of the value of tangible decisions. Degree of “fulfillment” is a way of keeping track of the value of intangible decisions.

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